Asked by Damaris Massanet, Houston, TX • Sat Aug 11, 2012
My ID was stolen a few years ago and my husband committed some past financial mistakes. The result is that our credit scores are less than stellar. We hired a year ago a law firm that's working on repairing our credit, and we already increased it by more than 30 points, but it's still in the 580 - 600 range. We rent, but just got notified that when our lease expires on February 2013, the owner of the house wants to put the house on sale. We're not interested in buying it because it's too small for us. We carefully thought about it and have decided that we want our own home. We make about $110,000 gross per year, and would be comfortable paying about $1,200 - 1,500 per month, including insurance and taxes. Problem is our credit score. I know that if we do eventually get approved for a FHA loan we will have to pay a higher interest rate, but will not consider paying anything outrageously high. Does anybody know of a mortgage lender that would be willing to work with us? Thanks!
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